v3.25.2
Subsequent Events (Tables)
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Schedule of Losses Recognized on Assets Measured on a Non-recurring Basis The following table presents losses recognized on assets measured on a nonrecurring basis for the years ended December 31, 2024, 2023 and 2022:
Years Ended December 31,
(dollars in thousands)202420232022
Commercial mortgage servicing rights$— $— $1,263 
Loan servicing rights held for sale— — 3,250 
Nonperforming loans21,317 19,421 8,892 
Other real estate owned4,866 — 4,276 
Total losses on assets measured on a nonrecurring basis$26,183 $19,421 $17,681 
The Company continues to take steps in 2025 to resolve nonperforming assets and improve its overall credit profile. These steps include foreclosures, short sales, pursuit of guarantors and sales of notes. The Company has continued to monitor credit actions and subsequent losses in order to determining the appropriate time period for recognition. Notable credit actions and subsequent losses are presented in the table below, in thousands.
Losses taken by period
AssetType of propertyAction takenBalance
December 31, 2024
2024First
quarter
2025
Second
quarter
2025
Total Losses takenReduction in nonperforming assets
OREOAssisted livingProperty sold
May 2025
$5,434 $(1,472)$— $— $(1,472)$(1,472)$(5,434)
LoansMulti-FamilyCollateral sold
May 2025
3,722 (337)(1,113)— (1,450)(3,722)
LoansMemory careNote sale
June 2025
7,737 — — (3,675)(3,675)(7,737)
LoansAssisted livingCharge off
May 2025
7,798 (7,798)— — (7,798)(7,798)
LoansMulti-FamilyNote sale agreement June 2025
Expected close third quarter 2025
27,354 (2,354)— — (2,354)(2,354)
LoansC&I OperatingCharge off
May 2025
11,292 — — (5,847)(5,847)(5,847)
Total$63,337 $(11,961)$(1,113)$(9,522)$(22,596)$(32,892)